(Bloomberg) -- It's the end of an era.

Since 2008, the vast majority the flows in and out of certain ETFs have been driven by what the Federal Reserve was doing or saying. One word spoken by Former Fed Chair Ben Bernanke or his successor, Janet Yellen, would send billions in and out of the same ETFs in the same patterns. But this year is different as the Fed—and the fear of rising interest rates—have taken a back seat to a more natural cause: the fear of a collapse in the stock market.

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